Cipio holds first close of Fund VI on EUR61m

01 July 2009

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Fund

Direct secondaries player Cipio Partners has held the first close of Cipio Partners Fund VI on EUR61m. The Luxembourg-based vehicle was launched in October 2008 and has a 7+2 term. The fund has a EUR200m target and a set hard-cap of EUR250m. The minimum subscription is EUR3m with the GP contributing 2.5% to the fund. Management fees, carry and hurdle have been referred to as "standard for the direct secondaries sector". First Avenue Partners acted as placement agents, while Arendt & Medernach served as legal counsel. A final close is expected by the end of this year.

Investors

Fund VI is subscribed by a number of institutional investors including Credit Suisse and Sal Oppenheim, as well as family offices in the UK and Germany, including FF&P.

Investments

Cipio announced its first transaction in April this year, acquiring interests in 10 companies from 3i's European venture portfolio. The first closing of the vehicle was timed to coincide with the closing of the 3i transaction.

Fund VI will carry out direct secondary investments in growth and expansion level businesses and may opportunistically buy into mid-market companies. Cipio is specialised in acquiring portfolios of direct assets, and targets transaction sizes from as low as EUR5-10m to as much as EUR100m. The new fund expects to hold approximately 10-15 portfolios over the course of its life. The average ticket per underlying company will vary up to EUR10m. Fund VI will target portfolios mainly in Western Europe (60%) and North America (40%).

People

The fund will be managed by Cipio's managing partners, including Tom Anthofer, supported by a team of 14 professionals in Europe and the US.

Name: Cipio Partners Fund VI

Target: EUR200m

First close: EUR61m

Focus: Direct secondaries, expansion

Western Europe, North America

Contact: Tom Anthofer

Address: Cipio Partners

Palais am Lenbachplatz

Ottostrasse 8

80333 Munich